23 replies to this topic

[drhoneytongue]

Use some of it to set up your own business, once you have done that, you can then offer your services on a corporate basis, and not as an individual, w.r.t. to liability and all that legalese...

Businesses like to do business with other businesses; freelancers, temp staff and wandering 'consultants' make them nervous.

AFWIW, did the same myself back in 1999 when I go the heave and a golden handshake, never looked back...

[petesie]

I'm in the process of consolidating some of the additional qualifications I may need; in my field I can either work for the company I'm thinking of or do it as my own business and they utilise my services.

Early days yet so I'm careful not to get my hopes up too much.

But don't worry, if the cash gets offered...I'm having it.

[Macman]

Petesie, I can only tell you what I did. I was offered a substantial package when I was almost 58 years old. Actually I asked my boss to offer it to me. Lay-offs were being implemented, and there was no choice involved. My boss didn't think I wanted to leave, so I was not going to be included in the firings. I was tired of the lack of job security on Wall Street, and figured that the buy-outs might not be so generous the next time around, so I put my head on the block voluntarily. I banked most of the money, and took a year off. I then went back to work in a different field. I finally retired full time when I was 66. No regrets.

[philts]

An interesting and some might say, good position, to be in.

Don't know your age, which think is very important re choosing best direction. If in your 60's then retirement maybe a good idea.

I would however, concur with some of the other guys who've said that packing it all in and going to LOS would be a bad decision. Unless you have lots of interests outside piss and pussy (or ass/dick in our case) it's a very quick way to oblivion.

If you can have something all the time its no so enjoyable. Alcoholics dont enjoy booze, addicted gamblers don't enjoy gambling they just do it!

The part time work sounds great if that is an option open to you and makes the trips to LOS that much more enjoyable.

Good luck, whatever you choose to do.

PS - also agree that financial planners are c**ts!

[larrylarry]

Four variables you didn't share were your age, other assets, existing obligations, and country of citizenship. All play a huge factor.
I am in my early 50s and live in the US. I have some bank, not huge but enough that when I turn 60 I will be fine. I would love to retire now but surviving for the next 10 years till I can touch my 401k and get a small pension that's due to me and SS is the trick. I'll assume the 250K is about a years wage for you cause that's a reasonable buy out - Take the package bum around for 6 months maybe a year, travel etc. If you can make ends meet and like the life style kick back and enjoy it. If your bored or need more money get back into the job market. I know that I couldn't get by on the 1500pm, so I would be chipping away at the 250k. But I would love not to work! Your decision doesn't need to be permanent. Bottom line is it sounds like a great position, and fortunate to have your choices; good luck and congratulations

[petesie]

I'll give some clarity; I'm nearly 54 and this offer (should I consider it and it's still available) will kick in when I'm 55 and it will be in GBP.

I still have family obligations so I'm looking at working for 6 months of the year and perhaps doing 3 month stints in SEA. I will have a small amount to add to the pot and I intend renting my house out which will fund rental elsewhere.

250k a year...kinnell I bloody wish! If I had that then I wouldn't be leaving! My lump sum will be made up of company severance payments and so on, all of which I've earned over the years.

I'm a simple man from the North and a working stiff and have been since I was 16.

[kakila]

It's looking like I will be offered a redundancy package from my job next year.

The figures are likely to be around 250k and a pension of around 1500 per month, the sort of money I'll never see again in my life and to be honest I can't afford to turn it down.

The options after that are up to me, get another job and crack on with it or park my bum up and relax.

What would you fellas do...?

congrats petesie

these packages don't come along very often. take the package, relax for a bit (LOS) and then consider another career that is less stressful and demanding.

good luck with your choice.

I am in the same position a departmental restructure late last year and now a downsizing so packages are now available and I will be taking one.

its taken a year of fluffing around but it is finally here. My last day is 16 November.

my pay out is ok but not enough to park my bum so I will be job hunting, but not before I park my bum in a few locations in LOS.

cheers kakila

[stonefre]

I went through this about 2.5 years ago just a couple of months before turning 60. I considered looking for a new job but trips to LOS kept interfering. If I were 54 it would most likely have been different story. The fortunate thing is I saw this coming for several years and lived frugally and saved frantically until it happened.

[larrylarry]

Well sounds to me you have about figured out. And it sounds good to me!

I am in a very similar situation although I passed on an offered buy out last year I hope they offer it again in a few years when I will be ready.

Our circumstances and plans sound similar, I am just a few years behind you. I will be done with my child support in a couple of years and my mortgage will be payed off too. I (almost) own a multi-family house so once the bank is payed off the rental income will fund my housing and a portion of my travel expenses in SEA. I plan (hope) on doing winters in LOS and SEA and come back to NYC for the summer. About six months in each. I most likely will have to supplement my income somehow until I can touch my 401k, but have haven't figured that out yet.

Take the buy out and enjoy yourself.

[SwineCanine]

That package sounds great Petesie! Even better than LaBamba Nancy's package.

LarryLarry mentioned 401K distributions. With some 401K plans you can access your money without penalty starting " the year in which you turn 55" rather than when "you reach age 59 1/2".

If taking a big lump sum distribution, New York City residents get hit hard. Perhaps worth considering a move to tax free state the year before a big distribution.

[bensark]

All depends on your outgoings, property, mortgage and so on. If you have a property mortgage free plus the pay off, then part time if you enjoy what you do sounds like a good option. Woof1 offers the some useful ideas having been in the same position. Commodities defaintely worth a look in a time of worldwide currency devaluation.

[petesie]

I'm keeping my powder dry as they say as current policy may alter before I get the opportunity to cash in my chips...

I remain thankful however that I do actually have a job and don't dare take my eye off that particular ball.